Indian billionaire Mukesh Ambani’s retail venture Reliance Retail said on Wednesday it will raise $1.02 billion from Silver Lake, kickstarting a fundraising spree months after its sister venture Jio Platforms raised $20 billion.
The investment from Silver Lake values Reliance Retail, the largest retail chain in India, at $57 billion. As part of the deal, Menlo Park-headquartered firm Silver Lake will acquire 1.75% equity stake in Reliance Retail.
“I am delighted to extend our relationship with Silver Lake to our transformational efforts of building an inclusive partnership with millions of small merchants while providing value to Indian consumers across the country in the Indian retail sector. We believe technology will be key to bringing the much-needed transformation in this sector so that various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner in implementing our vision for Indian Retail,” said Ambani in a statement.
Silver Lake also invested $1.3 billion in Jio Platforms earlier this year. Earlier this week, it led a $500 million investment round in edtech giant Byju’s.
